- [(1) The Chief Municipal Officer shall, within four months of the close of a year, cause to prepare financial statements consisting of a Funds Flow Statement, an Income and Expenditure Account, receipt and expenditure Account and a Balance Sheet for the preceding year in respect of accounts of the Municipality.] [Substituted Bihar Act No. 7 of 2011, dated 27.5.2011.](2)The from of the financial statement, and the manner in which the financial statement shall be prepared, shall be such as may be prescribed.
